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Author Topic: approching potential buyers  (Read 2661 times)

Offline adayatatime

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approching potential buyers
« on: April 09, 2007, 06:32:53 am »
Im in the process of building a buyers list. I have no properties, as of yet, but I want to find out what my customers would want.
 
So far I have thought of the following questions to ask during my intial phone caontact with them:

1) What kind of properties are you interested in?
2) What areas of town aren't you intereasted in?
3) What percent of ARV do you want to buy at?
4) How fast can you close?
5) Are there any repair problems that you dont want to deal with?
6) Are you a cash buyer?


I also want to find out if they are serious investors , but Im not quite sure how to what questions to ask to find out this information.

Thanks for your replies in advance.

Aarron

Offline fadi

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Re: approching potential buyers
« Reply #1 on: April 10, 2007, 09:54:05 am »
If you do your numbers right and buy the deal at the right price, there is no problem finding a buyer and you don't need to know this information. Just run an ad in the paper and investors will contact you.

If you want to build investor list to narrow down your target market, then just ask them what do they buy and what type of deals they want from you.
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Offline rgchamb

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Re: approching potential buyers
« Reply #2 on: April 13, 2007, 11:47:52 pm »
You could also go to your local Real Estate Investors Club meeting & either announce that you're a wholesaler looking for buyers or maybe you could pass out a flyer saying this stuff.  Also go to your foreclosure auction/sheriff/tax sale & network with those buyers.

Do that in addition to what Fadiz said and you'll get a list.  Once you get a deal & publicize it, your phone will be ringing off the hook.

Offline ericmedem

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Re: approching potential buyers
« Reply #3 on: April 14, 2007, 08:09:53 am »
YOur on the right track with your questions, I would also ask them how many deals they do in a typical year, if they will be using cash or a creditline, or financing.  If they are serious buyers ask them if they can provide a verification of cash funds or a prepproval letter prior to assigning them a contract or wrtiing up a contract with you.  Once you have done a deal or two with them then you can let down your guard.

It is extremely important to build a quality buyers list before tyeing up properties, Many of the people that you end up talking to will be all talk and no action, and the last thing you want to do is find out your buyers list is all fluff and no stuff, when it comes time to close on a home.
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Offline adayatatime

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Re: approching potential buyers
« Reply #4 on: April 16, 2007, 10:15:52 am »
Any other suggestions for wedding through the hype and getting to the real buyers?


Offline gccre

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Re: approching potential buyers
« Reply #5 on: April 16, 2007, 02:03:55 pm »
Spend the time and either do some searching for the answers to your questions here or cut to the chase and invest in a good wholesaling program that will answer all your questions A - Z and some you haven't even thought of yet. Plus it'll cut your learning curve significantly. It's up to you. If spending the funds isn't an option right now, just read and keep reading some more on this site and you'll eventually get your "ah-ha!" moment hopefully.

IMO Vena Jones-Cox has an excellent program and Steve Cook has some dvd's on ugly houses that are an excellent learning tutorial as well. Do a search on Google for either one and woolaa...your where you want to be.

Offline rgchamb

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Re: approching potential buyers
« Reply #6 on: April 16, 2007, 11:33:03 pm »
I got my 1st list of "serious" buyers at the foreclosure auction/sheriff's sale.  I took note of who bought houses at the sale.  After they paid for their houses, I just introduced myself & asked them similar questions Aarron to what you wrote above.

Of course, I already knew they were serious cash buyers b/c they bought at the foreclosure sale.

You'll find that there may be some at the foreclosure sale that like to buy several houses each month.  Those are good contacts to have!

Offline adayatatime

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Re: approching potential buyers
« Reply #7 on: April 17, 2007, 07:38:48 am »
great advice guys. Thanks

 




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